Did you know Moonpig was his nickname at school!?
Amusing! And that’s not the only thing…
Nick Jenkins has been on my radar ever since he started on BBC’s Dragons’ Den. So when I heard he would present a Celebrity Masterclass in Birmingham I knew I had to be there.
While driving through the snow from Leamington Spa, near Coventry, I felt excited to learn more about Nick’s Moonpig journey.
I’d previously thought Moonpig.com was an amazing success story. Little did I know they’d nearly gone bust.
Moonpig provides personalised greetings cards–it’s such a great product. It had a high gross margin. Payment up front. Paying suppliers in 60 days. It all looked great for Nick. But 4 years in, if something didn’t change they would go bust.
So what did Nick do?
He put their prices up, and not by a tiny percentage, but by a whopping 50%. From £1.99 to £2.99. They manned the computers in anticipation of a flood of emails. They were nervous about plummeting sales.
Can you guess what happened?
People just carried on buying, and only three complaints came in. Yes, that’s right. Only three complaints. As Nick said: “Once you know you have the right product, you need to sell it at the right price.”.
That single price increase helped turn Moonpig into a multi-million pound business.
Other nuggets of wisdom from Nick Jenkins:
- Your company needs a good culture starting at the top.
- Hire good people and let them get on with their job. Look to keep them for 4-5 years, and do not micromanage them.
- Get a great understanding of numbers. Don’t leave your accountant to handle the numbers. You need to see monthly management accounts.
- Have your KPIs in front of you and understand the levers you can pull. Your conversion rates. Your CPA ( cost per customer acquisition).
- If you haven’t got much money for marketing then you must understand your website’s analytics. You can then polish your customer’s journey, and not leave money on the table.
On Nick’s last point about the importance of website’s analytics, check out our free guide: How To Use Google Analytics To Improve Your Website – A Simple (But Complete) Guide
What’s Nick’s Net Worth?
It’s hard to tell, but he sold Moonpig for £120 million.
Nick’s Time on Dragons’ Den
Nick was on Dragons’ Den Series 13 & 14, back in 2015-2017 (it seems longer ago!). His first episode aired on 12th July 2015.
Fellow Dragon Sarah Willingham was on the show for exactly the same length of time. She is best known for her management in high street restaurants such as Planet Hollywood and Pizza Express.
Also in 2015, Touker Suleyman joined the show.
Nick, Sarah and Touker replaced Duncan Bannatyne, Kelly Hoppen and Piers Linney.
There have always been five dragons in each series, so of course, the other two Dragons there during Nick’s time were Peter Jones and Deborah Meaden.
Due to Nick Jenkins’ background in technology and internet retail/eCommerce, he always had an interest in technology related pitches.
How Much Money Did Nick Invest In Dragons’ Den?
Between 2015 and 2017 Nick invested £842,500 during the show in Dragons’ Den businesses. That was made up of two deals in series 13 and six deals in series 14.
Which Businesses Did Nick Invest In?
We don’t have a comprehensive list, but remember Snaffling Pig pork scratchings? Nick Jenkins invested £70,000 for a 20 per cent stake because he loved the business and if I remember rightly he said he loves anything ‘pig’! Sales rose from £420,000 to £5.2m. That must be one of Nick’s big winning investments.
Which of Nick’s Dragons’ Den Deals Never Worked Out?
Ben Mason from Mason’s Beans thought his hard work has paid off when Nick offered him £50,000 for 20% stake. But unfortunately the business didn’t work out and the company was wound up. Ben did say that Nick was enormously helpful.
There was a dating app called Double which Nick offered £75,000 for 15%. But that business failed.
Coconut Flower maker Cocofina – offered £75,000 for 20 per cent stake by Nick Jenkins and Sarah Willingham. But that deal allegedly never went through, which can often happen once the cameras have been turned off in the Den.
Who Rejected Nick Jenkins?
In episode 13, Yann Morvan and Richard Lee rejected Peter Jones and Nick Jenkins offer of £75,000 for 30% of their portable drumming business Aerodrums (drumming without a drum set), as the maximum amount of equity they were prepared to give away was 20%.
By the end of a wintry day, snuggled away in the depths of the Hilton near Birmingham’s NEC, I felt that Nick Jenkins’ talk made this the most impactful celebrity masterclass yet.
Oh, and who could forget Nick Jenkins’ Russian-Brummy.
Mark Reynolds is the founder of ProfitReach, a digital marketing company in Leamington Spa, nr Coventry, Warwickshire.